Is Stacks (STX) a good investment in June?

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Stacks STX/USD has actually seen a lot of recent activity and use-cases, which have made its price go up. 

On June 14, Stacks announced that they are working with Paycoin to integrate Stacks with the Paycoin App. This means that its users will gain the opportunity to earn BTC and spend STX and BTC easily in the app itself. In other words, the users can hold STX and collect returns in Bitcoin in the application, and all of the transactions will take place in the app directly. 

On June 22, we learned about 25 teams that are building projects using the Stacks Accelerator. This put Stacks on the map a bit more as this internet project revolves around smart contracts and decentralized application functionality to Bitcoin.

On June 23, Pravica announced its collaboration with Stacks Accelerator’s First Cohort. They are joining 24 other startups with the goal of building a better internet with Bitcoin in the Stacks ecosystem. This in turn offers Pravica a boost to success. 

Should you buy Stacks (STX) now?

Looking at the recent developments within the Stacks ecosystem solidifies a lot of interest.vSTX has the potential to appreciate in value, especially given the fact that they announced that the accelerator program is a continuing effort that will feature investments of $4 million in 100 companies throughout the next three years.

Investing in STX and holding onto it for three years until all of this occurs might not be for everyone. This is due to the fact that some investors prefer short-term investment, and want to turn in a profit after a month at the most. Furthermore, we can never be 100% sure what the future holds, and there is no guarantee that they will manage to find 100 companies to invest in with unique ideas, to begin with.

On June 24, STX had a value of $0.70. When we look at June 23, it was at $0.64, which is a difference of around 10%. Going back in time for a bit, on June 21 its value was at $0.58. This shows an increase of around 20%.

It’s fair to say that the increased interest in Stacks due to its accelerator, Paycoin implementation, and overall activity is starting to pay off for early investors. It might be worth jumping into the ecosystem and investing in Stacks at $0.70 due to the fact that it has the potential to push through the $1 mark if momentum can be sustained. 

It also has the potential to go much higher after the $4 million investments in 100 companies start seeing returns if some of those projects succeed, but that’s more of an interest for long-term investors.

The post Is Stacks (STX) a good investment in June? appeared first on Invezz.

Publication date: 
06/24/2021 - 16:36
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.